Indian Bank – Variable Recurring Deposit
Variable Recurring Deposit Interest Application Quarterly compounding Salient Features A recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring deposit scheme Min Amt Initial deposit Rs.25 or in multiples of Rs.25 upto a maximum of Rs. 1 lakh
Can vary subsequent monthly instalment subject to a maximum of Rs. 10 lakhs per month.
Min Period • Minimum period – 12 months and the maximum period – 120 months Other Requirements/Details • Loan, nomination and foreclosure facilities.
• No penal interest on delayed payment of instalments
• Interest will be paid on the minimum balance between 10th and last day of the month. TDS not applicable